FX.co ★ GBP/JPY technical levels and trading recommendations for July 05, 2013

Overview

From the today's H4 chart and as it was expected yesterday, the pair took a new bullish signals after closing 4H below the resistance level 150.80 after it has been tested yesterday. Today the pair rapidly reversed its downward movement after hitting the Support level 149.35 to bounce from it and take a slightly upward move. Currently, the price is trading below the resistance level 150.80. More bullish signals are still expected in case of closing above this Resistance level with first target few pips below the Resistance level 152.00, hence we should wait for more confirmations before making the decision.

Resistance and support levels: R3 (153.15) R2 (152.40) R1 (152.00), S1 (150.80), S2 (150.00), S3 (149.35).